Poundland has made a big change to its prices following complaints that ‘nothing in Poundland actually costs £1 anymore.
In a bid to get sales back on track, the retailer has gone back to its roots and increased the number of products it’s selling for £1 or less.
The retailer launched in 1990 and quickly became a high street hit with shoppers, selling everything for a quid.
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But facing competition, its pricing structure changed and it began selling products for anything from 50p to £10, with the Advertising Standards Authority eventually taking away its right to use its slogan ‘Yes, Everything’s £1’.
Now the company has increased the number of products costing £1 or less from around 1,500 to almost 2,400 – nearly half of its total core range of 5,000 products.
Poundland in Eccles -Credit:Manchester Family/MEN
The retailer has also filed a trademark application for ‘Home of the £1’ and is using the slogan in a new campaign.
According to the Bank of England inflation calculator, the value of a pound in 1990 when Poundland opened its first store, would be the equivalent of £2.42 today and the company is hoping its campaign will win back customers following a dip in sales of 3.6% in the year to September 30.
In stores, new lower prices can be found on everything from batteries to bleach and bread to Biscoff biscuits.
Outside of groceries, Poundland’s home ranges have also seen ‘significant price drops’ including table mats, laundry bags and tea towel sets.
There’s also significant reductions in Poundland’s clothing departments which can be found in most of its stores.
Poundland is making a huge change to its prices -Credit:Manchester Family / MEN
The latest price reductions follow pre-Christmas cuts which saw key everyday essentials such as milk, bread, sugar and eggs all reduced to a locked price of £1 and the introduction of new £1 fresh produce stands in over 520 stores.
Poundland commercial director CJ Antal-Smith said: “According to the Bank of England, Poundland should be £2.42-land today, based on the way inflation has risen since it opened its first store 35 years ago.
“But Poundland is all about defying inflation and delivering amazing value and our customers are being very clear that they need us to be at our best in 2025 in the face of continued pressure on household budgets.
“We know that’s our job, and we’ll do all we can to deliver the promise of amazing value on the items they need.”